The Reserve Bank of India on Tuesday penalised three cooperative banks -- Nesargi Urban Co-operative Bank Limited, Krishna Pattana Sahakar Bank Niyamitha and Ron Taluka Primary Teachers' Cooperative Credit Bank Limited -- for non-submission of returns under Section 27 (2) of the Banking Regulation Act, 1949.
Government officials have identified unbilled purchases as the lead cause for revenue leakages under the Goods and Services Tax (GST), and the same was discussed by senior officers during the first national GST conference on November 25, The Times of India reports. The meeting was chaired by revenue secretary Ajay Bhushan Pandey.
The unprecedented economic slowdown would suggest that the crunch in GST collections is here to stay for a while. Yet the Centre must address the States’ woes at the earliest.
India Ratings and Research (Ind-Ra) has revised its 2019-20 India GDP growth forecast downwards to 5.6 per cent from an earlier estimate of 6.1 per cent.
A four day International Workshop on Prediction skill of extreme Precipitation events and tropical cyclones: Present status and future Prospect (IP4) & Annual Climate Change Workshop began here today with the Union Secretary for Earth Sciences, Dr. M. Rajeevan, announcing various new initiatives of the Ministry for improving weather and climate forecasts and services in the country.
GST authorities have unearthed a tax racket and arrested one person for allegedly defrauding the government to the tune of about Rs 140 crore through fraudulent means.